16th Feb 2021 21:09
Genel Energy PLC - exploration and production company - Reports decrease in proved and probable, as well as proven and probable and possible, net oil reserves at a December 31. However, proven reserves alone increase to 69.4 million barrels from 68.8 MMbbls at 2019 end after production of 11.7 MMbbls, offset by 12.2 MMbbls benefit from technical revisions. 2P reserves, however, fell to 117.2 MMbbls from 123.8 MMbbls, and 3P reserves fell to 177.2 MMbls from 194.9 MMbbls.
In terms of net oil resources, 1C resources declined to 57.9 MMbbls on December 31 after a drop of 8.6 MMbbls on technical revisions from 66.5 MMbbls the prior year. 2C reserves fall to 143.4 MMbbls from 152.0 MMbls and 3C to 337.8 MMbbls from 345.8 MMbbls.
Chief Executive Bill Higgs: "The quality of our reserves is the foundation of our resilient business model, providing us with low-cost production that can generate cash for many years to come. Drilling at Sarta this year has the potential to add to our reserves, with Qara Dagh adding the possibility of opening up another field in the Kurdistan region of Iraq, as we look to further build our cash generative portfolio for the benefit of all stakeholders."
Current stock price: 165.40 pence
Year-to-date change: up 15%
By Anna Farley; [email protected]
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